Ever wondered why your home’s assessed value doesn’t match its market value? Let’s dive in!

Your home’s assessed value is determined by a public tax assessor and is updated annually for tax purposes. It’s used to calculate property taxes. If your assessed value goes up, your taxes likely will too. 📈💸

On the other hand, the market value is the price a willing buyer and seller agree upon. It’s what your home could sell for in the current real estate market. 🤝💰

There’s often a gap between the two values. While an increased assessed value might mean higher taxes for you, it can also boost your home’s market value when it’s time to sell. 📊🏠